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Wednesday, 23 September 20
MARKET INSIGHT - INTERMODAL
 Undoubtedly, this year (ongoing) will never be forgotten because in a matter of months it has managed to severely affect and shape our day to day personal and professional lives. All industrial markets have been influenced by the coronavirus pandemic and the tanker market is no exception. The spread of COVID-19 coupled with the IMO 2020 regulations have caused noticeable fluctuations in bunker prices and trading habits. On the 6th of January, VLSFO prices in Fujairah were as high as USD 790/mt and fell to below USD 200/mt in a mere 3-month period. WTI followed a similar pattern as it hovered at just above USD 60/barrel in early January and saw “negative” rates on the 20th of April; it has never fully rebounded (to date) back to its to pre-lockdown price levels. Oil trading houses took conservative approaches in minimizing their risk exposures owing to the mounting uncertainty and investor ambiguity that had resulted from the initial COVID-19 outbreak. Many projects were paused while trading activity was kept to a minimum.
The trading lag created an environment that allowed for contango opportunities; many traders/oil majors attempted to capitalize on this by securing VLCC/Suezmax vessels for T/C periods of up to 6 months. Due to the oil surplus in the market, shore tanks were nearing their maximum storage capacities and suppliers were keen to sell at low rates to ensure the continued and sound operations of refineries. The temporary shutdown and reopening of a refinery costs millions of dollars which places a rather hefty (almost unbearable) financial burden on the respective supplier. Throughout the period of the storage craze, some of the highest freight rates of the last decade were observed. Freights were boosted by a plethora of parameters such as market sentiment, bullish owners and prolonged wait times of ships during loading/discharging owing to the profound lack of storage.
In general - with the exception of VLCC’s who have benefited from the overall increased demand for storage - crude tankers have not managed to improve their performance in the last 3 months. Aframax and Suezmax vessels are still committed to sluggish markets which are heavily affected by seasonal patterns. Historically, summer months were always depressed in terms of trading activity. However, current imminent fears of further regional/nationwide lockdowns are further weakening sentiment in the oil trade. On the clean side, we’ve seen tonnage lists with many prompt ships around loading areas with MR’s overcoming LR1’s. At the same time, LR2’s seem to be patiently waiting for MR’s to get busier, after which they expect to receive loading enquiries from charterers. On Monday we saw WTI & BRENT enter a steep fall, which may be a direct result of further country-wide imposed COVID-19 related restrictions due to the fear of another wave. On a more positive supply-side note, Libyan exports are now back on the table and are rumored to see increases of ca. 300%!
A glimpse of light is anticipated by owners as we move towards the end of the year. It is widely hoped that traders will push to complete their programs by the close of the year to meet their minimal annual objectives. Nevertheless, the uncertain atmosphere in the tanker sector is expected to project well into the fourth quarter; a potential coronavirus vaccine is the only factor which seems capable of “straightening out” the rather mixed present sentiment.
By Dimitris Kourtesis
Tanker Chartering Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Mr.George Panagopoulos
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Wednesday, 08 September 21
MARKET INSIGHT - INTERMODAL
Last August was extremely hot in the dry bulk market with rates rising at levels that we have years to witness. The dry bulk index exceeded the 4,0 ...
Wednesday, 01 September 21
KOMIPO TO BUY 1.56 MILLION TONS OF 5600 NAR COAL OF AUSTRALIA OR SOUTH AFRICAN ORIGIN FOR 2022 - 2024
COALspot.com: Korea Midland Power Co., Ltd (KOMIPO) has issued an international tender for total 1,560,000 MT of Bituminous Coal to be used a ...
Wednesday, 01 September 21
MARKET INSIGHT - INTERMODAL
As the summer season is coming to an end, the dry bulk market continues to rally. The confidence that the outstanding freight market performance ha ...
Monday, 30 August 21
68% OF U.S. COAL FLEET RETIREMENTS SINCE 2011 WERE PLANTS FUELED BY BITUMINOUS COAL - EIA
In 2011, the United States had 317.6 gigawatts (GW) of coal-fired electric generation capacity. About 88.7 GW of that capacity was retired in the d ...
Friday, 27 August 21
ALL YOU NEED TO KNOW ABOUT COAL'S MASSIVE RALLY AND NEAR-TERM OUTLOOK - CNBCTV18
Australia’s thermal coal at Newcastle Port, the benchmark for the vast Asian market, has surged over 100 percent this year to trade above $16 ...
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- Posco Energy - South Korea
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bangladesh Power Developement Board
- Thiess Contractors Indonesia
- Ceylon Electricity Board - Sri Lanka
- Petron Corporation, Philippines
- SMG Consultants - Indonesia
- Bukit Makmur.PT - Indonesia
- India Bulls Power Limited - India
- Orica Mining Services - Indonesia
- Madhucon Powers Ltd - India
- Savvy Resources Ltd - HongKong
- Petrochimia International Co. Ltd.- Taiwan
- Globalindo Alam Lestari - Indonesia
- Edison Trading Spa - Italy
- Bayan Resources Tbk. - Indonesia
- Indian Energy Exchange, India
- Indogreen Group - Indonesia
- Kumho Petrochemical, South Korea
- Miang Besar Coal Terminal - Indonesia
- Standard Chartered Bank - UAE
- Jorong Barutama Greston.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Essar Steel Hazira Ltd - India
- Pendopo Energi Batubara - Indonesia
- Bulk Trading Sa - Switzerland
- Eastern Coal Council - USA
- Mercuria Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Price Waterhouse Coopers - Russia
- Renaissance Capital - South Africa
- Antam Resourcindo - Indonesia
- Makarim & Taira - Indonesia
- Kepco SPC Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Jaiprakash Power Ventures ltd
- Tamil Nadu electricity Board
- Jindal Steel & Power Ltd - India
- Coastal Gujarat Power Limited - India
- Orica Australia Pty. Ltd.
- San Jose City I Power Corp, Philippines
- Star Paper Mills Limited - India
- Metalloyd Limited - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Wood Mackenzie - Singapore
- Malabar Cements Ltd - India
- South Luzon Thermal Energy Corporation
- IHS Mccloskey Coal Group - USA
- GAC Shipping (India) Pvt Ltd
- Wilmar Investment Holdings
- Krishnapatnam Port Company Ltd. - India
- Medco Energi Mining Internasional
- Parry Sugars Refinery, India
- Barasentosa Lestari - Indonesia
- The Treasury - Australian Government
- Economic Council, Georgia
- Videocon Industries ltd - India
- Ambuja Cements Ltd - India
- Semirara Mining Corp, Philippines
- Attock Cement Pakistan Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Bhushan Steel Limited - India
- Central Electricity Authority - India
- Vizag Seaport Private Limited - India
- Electricity Authority, New Zealand
- Kaltim Prima Coal - Indonesia
- Mjunction Services Limited - India
- Indo Tambangraya Megah - Indonesia
- Dalmia Cement Bharat India
- Global Business Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Bhatia International Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Bharathi Cement Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Agrawal Coal Company - India
- Independent Power Producers Association of India
- Tata Chemicals Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Transport, Egypt
- Rashtriya Ispat Nigam Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Parliament of New Zealand
- Billiton Holdings Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Lanco Infratech Ltd - India
- Sojitz Corporation - Japan
- GMR Energy Limited - India
- Therma Luzon, Inc, Philippines
- Chamber of Mines of South Africa
- PNOC Exploration Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sical Logistics Limited - India
- Baramulti Group, Indonesia
- Cement Manufacturers Association - India
- Kohat Cement Company Ltd. - Pakistan
- Deloitte Consulting - India
- Indika Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Heidelberg Cement - Germany
- Meralco Power Generation, Philippines
- ICICI Bank Limited - India
- Karaikal Port Pvt Ltd - India
- PowerSource Philippines DevCo
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Rio Tinto Coal - Australia
- TeaM Sual Corporation - Philippines
- Energy Development Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ind-Barath Power Infra Limited - India
- Indonesian Coal Mining Association
- Maheswari Brothers Coal Limited - India
- Kideco Jaya Agung - Indonesia
- Ministry of Finance - Indonesia
- Iligan Light & Power Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Interocean Group of Companies - India
- Global Coal Blending Company Limited - Australia
- Kalimantan Lumbung Energi - Indonesia
- Mercator Lines Limited - India
- Xindia Steels Limited - India
- Central Java Power - Indonesia
- Salva Resources Pvt Ltd - India
- ASAPP Information Group - India
- Bukit Baiduri Energy - Indonesia
- Thai Mozambique Logistica
- GVK Power & Infra Limited - India
- Minerals Council of Australia
- Borneo Indobara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Coal Association
- Singapore Mercantile Exchange
- Indian Oil Corporation Limited
- The University of Queensland
- LBH Netherlands Bv - Netherlands
- Australian Commodity Traders Exchange
- Bhoruka Overseas - Indonesia
- Kartika Selabumi Mining - Indonesia
- Uttam Galva Steels Limited - India
- Commonwealth Bank - Australia
- Eastern Energy - Thailand
- Alfred C Toepfer International GmbH - Germany
- Port Waratah Coal Services - Australia
- CIMB Investment Bank - Malaysia
- Coal and Oil Company - UAE
- Ministry of Mines - Canada
- Semirara Mining and Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Grasim Industreis Ltd - India
- Gujarat Sidhee Cement - India
- Mintek Dendrill Indonesia
- Goldman Sachs - Singapore
- PTC India Limited - India
- MS Steel International - UAE
- McConnell Dowell - Australia
- Global Green Power PLC Corporation, Philippines
- Larsen & Toubro Limited - India
- Carbofer General Trading SA - India
- European Bulk Services B.V. - Netherlands
- New Zealand Coal & Carbon
- Gujarat Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Romanian Commodities Exchange
- Straits Asia Resources Limited - Singapore
- Formosa Plastics Group - Taiwan
- CNBM International Corporation - China
- Sakthi Sugars Limited - India
- London Commodity Brokers - England
- Georgia Ports Authority, United States
- Marubeni Corporation - India
- Sindya Power Generating Company Private Ltd
- Siam City Cement - Thailand
- Sinarmas Energy and Mining - Indonesia
- VISA Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Binh Thuan Hamico - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Planning Commission, India
- Electricity Generating Authority of Thailand
- Meenaskhi Energy Private Limited - India
- Vedanta Resources Plc - India
- IEA Clean Coal Centre - UK
- Africa Commodities Group - South Africa
- Simpson Spence & Young - Indonesia
- Latin American Coal - Colombia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Merrill Lynch Commodities Europe
- Kobexindo Tractors - Indoneisa
- Anglo American - United Kingdom
- SMC Global Power, Philippines
- Cigading International Bulk Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- Chettinad Cement Corporation Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Asmin Koalindo Tuhup - Indonesia
- Altura Mining Limited, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Maharashtra Electricity Regulatory Commission - India
- White Energy Company Limited
- Intertek Mineral Services - Indonesia
- Trasteel International SA, Italy
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